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Audit Highlights

The following are highlights of our work during the April 1, 2018–September 30, 2018, semiannual reporting period.

Audits, evaluations, and inspections. 8 reports issued: 4 Board reports and 4 Bureau reports. 25 recommendations closed: 9 Board recommendations and 16 Bureau recommendations.

The Reserve Banks' Reliance on the Primary Federal Regulator of the Insured Depository Institution in the Consolidated Supervision of Regional Banking Organizations
Federal Reserve Banks appear to have increased their reliance on the primary federal regulators (PFRs) in the supervision of regional banking organizations (RBOs), but document sharing among the Board, the Reserve Banks, and the PFRs can be improved.

The Bureau's Management of Its GMMB Contract
The Bureau competitively awarded the GMMB blanket purchase agreement (BPA) and performed technical and price reasonableness evaluations in compliance with the Federal Acquisition Regulation (FAR); however, the Bureau can strengthen controls over its contracting processes to help ensure compliance with the FAR and internal policies and procedures.

The Bureau's Mosaic System
The security controls we tested for the Mosaic system were operating effectively; however, the Bureau can strengthen controls in the area of identity and access management to ensure that the security control environment for Mosaic remains effective.

The Board's Comprehensive Liquidity Analysis and Review
The Comprehensive Liquidity Analysis and Review (CLAR) program appears to preserve and maintain institutional knowledge related to supervisory findings and fosters effective collaboration; however, the program's knowledge management practices can be further strengthened.

The Bureau's Government Travel Card Program
Although the Bureau's government travel card (GTC) program controls are generally effective, they can be further strengthened to prevent improper reimbursements and to ensure compliance with Federal Travel Regulation requirements.

The Board Division of Research and Statistics' General Support System
The Division of Research and Statistics (R&S) has taken steps to implement information security controls for its general support system (GSS) in accordance with the Federal Information Security Modernization Act of 2014 (FISMA) and Board information security policies, procedures, standards, and guidelines. However, we identified opportunities for improvement in the implementation of the Board's information system security life cycle for the R&S GSS to ensure that information security controls are effectively implemented, assessed, authorized, and monitored.

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